Snow tells PBOC governor to scrap peg

U.S. Treasury Secretary John Snow told People's Bank of China Governor Zhou Xiaochuan on Friday 26 March that China needs to scrap its dollar-pegged foreign exchange system and float the yuan.

"In the meeting with the central bank governor, Secretary Snow reiterated the U.S. view that the international trading system works best with free trade, free flow of capital and flexible market-based exchange rates," Treasury Department spokesman Robert Nichols told reporters.

Snow also told Zhou that he

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

If you already have an account, please sign in here.

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account